TD grows its patent inventor base by more than 40% in three years
On May 16, 2024, TD Bank Group (TD) announced a significant expansion of its North American patent inventor base, growing over 40% in three years to exceed 1,000 colleagues. This growth has driven TD's patent portfolio to over 2,500 filings, up by more than 110% since 2020, with one-fifth of these patents related to AI innovation. TD now ranks as the top Canadian financial institution for patent filings and among the top three companies overall in Canada.
TD's innovation initiatives, particularly through its TD Invent program, have fostered a culture of colleague-led innovation. The iD8 program within TD Invent crowdsourced over 18,000 ideas last year, while the Elite Inventor Program recognizes top inventors, some with over 100 patents. TD's efforts also extend to supporting clean technology, health technology, and sustainability through initiatives like the Patents for Startups program and the Low Carbon Patent Pledge.
The announcement was made during TD Tech and Innovation Day, emphasizing 'Human-Centered Innovation.' This approach focuses on the impact of TD's innovations on customers, colleagues, and communities.
- TD's patent inventor base grew by over 40% in three years.
- TD's patent portfolio increased by over 110% since 2020.
- One-fifth of TD's patents are related to AI innovation.
- TD ranks as the top financial institution in Canada for patent filings.
- TD is among the top three patent filers across all Canadian companies.
- The iD8 program crowdsourced over 18,000 ideas in the past year.
- The Elite Inventor Program recognizes and mentors top inventors.
- TD supports clean technology, health technology, and sustainability through various initiatives.
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Focus on colleague-led innovation strengthens the Bank's position as the leading F.I. patent filer in
"Our colleagues are the backbone of our culture of innovation, ensuring we're not just keeping up, but setting the pace and maintaining a forward focus in an ever-changing landscape," said Rizwan Khalfan, Chief Digital and Payments Officer, TD Bank Group. "Behind every patent, every idea and every innovation at TD, stands a team of inventors who are building new and increasingly personalized ways to help serve our customers."
Through TD Invent, the Bank's enterprise approach to innovation, TD has cultivated its focus on colleague-led innovation by placing a consistent and dynamic spotlight on harnessing the collective ideation power of TD colleagues. For example, TD Invent's internal ideation program, iD8, encourages colleagues to submit ideas that are focused on improving the lives of customers, colleagues and communities. Last year, TD achieved record engagement with over 18,000 ideas internally crowdsourced through the iD8 program. TD Invent has also launched an 'Elite Inventor Program' to reward and recognize award-winning TD inventors, some of whom are listed on over 100 patent filings. Through the program, Elite Inventors share innovation knowledge and thought leadership, acting as mentors for patent inventors at the Bank.
"As someone who's been named as an inventor on more than 100 TD patent applications, I've been consistently empowered to think differently and tap into my experience to patent ideas that can help make a difference for our customers," said Jon Prendergast, Head, US Payments Strategy, TD Bank America's Most Convenient Bank®. "Through the enterprise's innovator network, I have found a community of likeminded innovators across TD that have helped to support my own growth as an innovator."
The TD Patent Journey
- In 2024, the TD Inventor community celebrated the 8th Annual Patent Awards to recognize inventors from across the Bank for their outstanding patent accomplishments. The 'Elite Inventor' mentorship program was launched at the event to reward individuals with over 100 patent applications and 'Inventor of the Year' award winners.
- In 2022, TD announced a second round of funding for the Bank's unique, invitation only, Patents for Startups program to help early innovators focused on clean technology, health technology and sustainability solutions protect their investments on new and existing inventions.
- In 2021, TD was the first Canadian bank to join the Low Carbon Patent Pledge. The initiative helps support a more sustainable future by making low-carbon technology patents freely available.
- In 2021, TD continued its commitment to help safeguard open-source software (OSS) and patent non-aggression through joining the Open Invention Network, building on TD's previous engagement with the LOTNetwork.
- In 2020, TD announced that it had acquired several
U.S. patent assets from IBM, directed at foundational cheque imaging, authentication and insurance technologies.
"Innovation at TD isn't just about coming up with new ideas or methods; it's a mindset, a way of thinking differently," said Joshua Death, Vice President, Intellectual Property & Ideation, TD Invent. "Our inventors have championed this mindset and invented patentable solutions related to artificial intelligence, data and analytics, digital and mobile banking, cybersecurity, and more to help better serve our customers, colleagues and communities."
Today's announcement is part of TD Tech and Innovation Day, an annual event showcasing the Bank's unique technology and innovation story. This year's theme is Human-Centered Innovation, which highlights the people behind our innovation and the customers, colleagues and communities we innovate for.
About TD Invent
TD Invent drives innovation at the Bank. Through our three areas of focus— Colleague Ideation, Human-Centered Design and Innovation Acceleration —we work across our innovation ecosystem to help meet the evolving needs of our customers, colleagues and communities, accelerating future growth opportunities. To learn more about how we're helping to shape the future of banking at TD, visit tdinvent.td.com.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves over 27.5 million customers in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada;
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the
TD Bank is a subsidiary of The Toronto-Dominion Bank, a top 10 North American bank. The Toronto-Dominion Bank trades on the
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SOURCE TD Bank Group
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